58-27-38. Equity of seller of real property in contract for deed--Maximum amount of investment.
An insurer may invest any of its funds in the equity of the seller of real property in a contract for deed, covering the entire balance due on a bona fide sale of such property, in amount not to exceed ten thousand dollars or the amount permissible under §§58-27-52 to 58-27-60, inclusive, whichever is greater, in any one such contract for deed; nor in any amount in excess of the following percentages of the actual sale price or fair value of the property, whichever is the smaller:
(1)If a dwelling primarily designed for single-family occupancy and occupied by the purchaser under such contract, seventy-five percent.
(2)In all other cases, seventy-five percent.
Source: SL 1966, ch 111, ch 6, §24 (2).